It is often desirable to integrate prognostic tools into health management systems of a gas turbine system. For example, prognostic tools can be utilized to assess probability of failure of a system or one or more components thereof. Accordingly, one or more components of the system can be taken out of service before the probability of failure for such component(s) rises to unacceptable levels. However, this approach may result in discarding components that still have remaining life early. Accordingly, there is room for further improvements in this area.